Shinfox Delisting May Affect Offshore Wind Phase II? Taipower Clarifies Contractor is Fuwei

(CNA, Taipei, May 20, by reporters Hsieh Yi-hsuan and Tseng Yun-ting) Shinfox Energy is set to be delisted, and its subsidiary Fuwei Energy is the contractor for Taipower's Offshore Wind Power Project Phase II, prompting lawmakers to express concern about potential impacts on the project's schedule. Taipower Chairman Tseng Wen-sheng stressed today that the winning bidder is Fuwei, not Shinfox, and that it needs to be clarified whether Shinfox's financial irregularities were caused by Fuwei or other factors. Shinfox Energy previously announced a loss per share of NT$6.73 and a negative net worth of NT$182.23 million for the first quarter of this year. The Taiwan Stock Exchange has announced that Shinfox Energy will be delisted effective June 23. The Legislative Yuan's Economics Committee today reviewed the operating budget of subordinate units in the central government's general budget for fiscal year 115 (2026), including the budgets for the Ministry of Economic Affairs-supervised Taiwan Power Company and Taiwan Sugar Corporation. KMT legislator Cheng Cheng-chien raised concerns during questioning about the progress of Fuwei Energy's contract for Taipower's Offshore Wind Power Project Phase II. Cheng noted that Fuwei Energy is the contractor for Taipower's phase two offshore wind project in Changhua and was the first to act as a turnkey contractor for an offshore wind project in response to the national green energy team initiative. With Shinfox now facing delisting, he asked how Taipower would respond. Tseng Wen-sheng emphasized that the winning bidder for Taipower's offshore wind farm is Fuwei, not Shinfox. He stated that the cause of Shinfox's financial anomalies needs to be clarified, whether it was caused by Fuwei or other factors, and said he could not answer questions on behalf of a publicly listed company. Tseng stressed that how to proceed with subsequent work with Fuwei is now the most important task for Taipower. Cheng asked about the Ministry of Economic Affairs' stance and response to potential project delays or additional costs from the contractor. Minister of Economic Affairs Kung Ming-hsin stated that there is a contract between Taipower and Fuwei, and if there are different interpretations of the contract or force majeure events, the matter will be coordinated and handled by the Public Construction Commission. The Ministry hopes both parties will follow the outcome of the Commission's coordination and that the project can be completed smoothly. The most difficult part, the foundation piles, is already finished, with only the wind turbine installation remaining. (Editor: Chang Liang-chih)